CUPromise Loan 'keeps' growing in popularity
September 30, 2016
The promise to deliver a mortgage that is easy, simple, a great value and is offered by credit unions is being kept and, as a result, continues to grow. The success of the CU Promise Loan is continuing to result in strong mortgage activity for CUSO Home Lending, which the League is a part owner of and serves a number of Maine credit unions.
John Reed, President/CEO of CUSO Home Lending, said the numbers are really encouraging. "Our volume is up over 30% over last year and last year was a great year. Approximately 70% of our volume is purchase money. The CUPromise program is taking market share in Maine and we continue to originate more mortgage loans than any bank in the state. The banks cannot compete with our CUPromise product and consistent outstanding service. Members, realtors and credit unions are loving it and it shows in our numbers."
Roger Sirois, President/CEO of Atlantic FCU and Chair of CUSO Home Lending's Board, agreed with Reed's assessment, adding, "The CUPromise Loan providers an easy-to-understand and affordable mortgage to consumers, and consumers clearly appreciate the fact that it guarantees same-day decisions, a closing date and local servicing. The CUPromise Loan is an important part of the services and programs we offer to our members."